Federated Hermes Private Equity today announces its investment in Miura Partners’ Dent&Co fund, participating alongside a group of high calibre institutional investors, including both existing and new LPs. Federated Hermes has co-led the transaction alongside other leading secondary investors.
Federated Hermes Private Equity is an established global private equity investor with assets under management of $6.4 billion (as at September 30, 2023) and a 30 year track record of investing in innovative and high growth businesses. Since inception, the organisation has completed over 280 direct co-investments and secondary transactions. This transaction represents the fifth GP-led secondary transaction completed by the team in Europe over the past 12 months.
The €200 million Dent&Co fund has been raised by Miura Partners to provide further backing to drive the next phase of growth for portfolio company Proclinic Group, a European leading dental distribution business. Private Equity firm Miura Partners, based in Spain and with assets under management (‘AuM’) of €1.5 billion, specialises in investing in small and medium-sized family-owned and entrepreneurial companies. Since 2008, Miura has invested in more than 70 companies, for a total value in excess of €3.0 billion.
Cameron Payne, Principal & Co Head of EMEA Investment, Federated Hermes Private Equity comments: “We are excited to support Miura Partners and their Limited Partners as they re-invest into the Proclinic Group and work with CEO Manuel Alfonso and his management team to drive the next stage of the company’s development. The business represents a strong fit with our investment model, characterised by a resilient and growing end-market, strong customer value proposition and satisfaction, significant re-occurring revenues and further internationalisation and inorganic growth potential. Federated Hermes Private Equity is an active – albeit highly selective – backer of continuation funds and in Proclinic we were attracted by the strong rationale for continued ownership by Miura Partners, true price discovery and the excellent alignment of interests between sellers and buyers.”
Carlos Julià, Managing Partner at Miura Partners further adds: “With the support of Federated Hermes Private Equity and our other highly respected and reputed investors, we are excited to continue backing the growth of Proclinic. The support of investors such as Federated Hermes Private Equity is testament to the compelling opportunity presented for Proclinic to execute growth plans and consolidate the growing market through strategic acquisitions which add complimentary geographies and business lines.”
The transaction was advised by Moelis & Company (exclusive financial advisor), Baker & McKenzie and King & Wood Mallesons (Legal), PwC (Due Diligence) and L.E.K. Consulting (Commercial Advisor).
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